Blockchain, Tech & Entertainment

BetKing was the most popular popular crowd funded bitcoin casino. From 2015 to when the site closed in December 2016 it had the highest wagered volume of all crowdfunded gambling sites at around 400,000 BTC.

Why did it close?

When the site closed it came as a surprise to the community. Its reputation was great, games were fair and players and investors were happy. BetKing maintained its great reputation even when it closed as the “reinvested profits to 6,000 BTC at the time of closure were immediately returned to investors”.

Dean Nolan, the creator of BetKing said:

“I had worked on BetKing for 4 years with no other staff. I was doing development, marketing, support, promotion and security myself with only the odd contractor here and there to help. I wanted a break and time to explore some other ideas I had that I couldn’t while running BetKing full time.”

The relaunch

“new updated provably fair casino games such as Blackjack and Roulette as well as all your favorites.”

“Soon after launch we will add sports betting, more casino games, poker games and tournaments and native mobile apps.”

“We also have some unique new games and social features that will be announced next month that players will be able to try on the”

They will also allow casino websites and app owners to integrate with their platform to avoid the trouble of managing funds and security issues.

The ICO

The sale started on August 7 and it is set to end on September 4. They offer investors the opportunity to buy up to 70% of the 100 million BetKing Bankroll tokens (BKB) using BTC, Ethereum, or Litecoin. Once the ICO closes on launch day, half of the funds will be used for the house bankroll (the one that players are betting against and where winnings are paid from) while the rest will be used to cover marketing and development costs.

Here are some of the important details from the offering:

Starts on August 7 (00:00 UTC) ends on September 4 (00:00 UTC)
There is no cap on the total funds that can be raised.
There is no minimum amount needed to be raised for the crowdsale to be successful.
BetKing Bankroll Tokens are intended to be used to invest in the bankroll on BetKing only.
BetKing Bankroll Tokens are not a share in a company and have no voting rights.

Every quarter BetKing will offer to buy back up to 10% of a holders tokens at the current buy back price.

This is great news for everyone except their competitors. When asked why he decided to relaunch the site after closing for business back in 2016, Dean replied:

“BetKing was the number one crowdfunded Bitcoin dice site. I want BetKing to be the number one gambling site.”

Check out betking.io for all the details on the ICO and their software.